Archive for January, 2010

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China Ceramics reported Q3 2009 financial results for its BVI subsidiary

Monday, January 11th, 2010

China Ceramics Co., Ltd., the BVI-based manufacturer of ceramic tiles for residential and commercial buildings, announced the unaudited financial results for its BVI-registered subsidiary Success Winner Limited for the third quarter ended September 30, 2009. Thus, the reported period is prior to the business combination completed at the end of November, as a result of which China Holdings Acquisition Corp. merged into its subsidiary and changed the name to China Ceramics.

For the third quarter of 2009, the BVI company reported 15.8% increase of revenue compared to the third quarter ended September 30, 2008, – caused by a 16.4% increase in the sales of ceramic  tiles in the reported period compared to the third quarter of 2008.  Company’s profit for the period ended September 30, 2009 increased by 19.0%, compared to the same period of 2008. The profit increase was due to the 15.8% growth in revenue . Earnings Before Interest increased by 36.4% in the third quarter 2009 compared to the same period of 2008.

Other key operating highlights of Success Winner Limited for the third quarter of 2009 included the increase of gross margin to 35.5% of revenue, compared with 32.3% in the second quarter of 2009. Selling and distribution expenses of the company increased to RMB15 million, compared with RMB 12.8 million in the previous quarter of 2009, and RMB 12.1 million for Q3 2008; administrative expenses were RMB2.6 million, compared with RMB2.3million for the second quarter of 2009 and RMB2.2 million for Q3 2008. At the end of the reported period, cash and cash equivalents for the BVI company made RMB 162.3 million, compared with RMB93.2 million as of June 30, 2009.

According to the outlook for the fourth quarter ended December 31, 2009, the company expects a 20.8% year over year growth in sales volume.

Posted in Unaudited financial results | No Comments »

A-Power Energy announced convertible transaction

Wednesday, January 6th, 2010

A-Power Energy Generation Systems, BVI-registered provider of distributed power generation systems in China and manufacturer of wind turbines, announced that it has signed conversion agreements with the holders of its convertible notes issued in June 2009. Pursuant to the Conversion Agreements, the BVI company and each of the holders of convertible notes have agreed to convert the aggregate principal amount and accrued interest of $37,5 million outstanding under the convertible notes into an aggregate of its 4.6 million common shares, using a conversion price of $10.21 per share, which is 96% of the original conversion price of the convertible notes of $10.6.

Common shares of A-Power Energy issuable upon conversion of the notes are freely tradable by the noteholders; each of them has entered into a Confirmation Letter with the company confirming certain procedural and other aspects of the transaction.

According to A-Power’s CEO Jinxiang Lu, as a result of this conversion the company strengthens its balance sheet by replacing debt with equity.

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Euro Tech Holdings reported unaudited results for six months period ended June 30, 2009

Saturday, January 2nd, 2010

EuroTech Holdings Company Limited, incorporated in the British Virgin Islands and engaged in manufacturing of instruments and equipment in the area of water and waste water treatment, announced its unaudited financial results for the six months period ended June 30, 2009.

For the reported period, BVI company’s revenues were approximately $14,122,000, 5% more than in the same period ended June 30, 2008 when EuroTech reported revenues of  $13,389,000. The net income for six months ended June 30, 2009 was approximately $11,000, as compared to $4,000 for the six months ended June 30, 2008. Company’s net income per ordinary share, basic or diluted, was US$0.0009 in the reported period, while in the same period of 2008 it was US$0.0003. The increase in revenues and income was principally due to the contribution from BVI company’s affiliates Blue Sky and Jia Huan.

For the six months period ended June 30, 2009, Eurotech reported gross profit of $3,080, 000, compared to $3,187 for the same period of 2008. Total assets of the BVI company were $27,010,000 as of June 30, 2009 ($28,278,000 as of December 31, 2008)

Chairman and CEO of Eurotech, Mr. T.C. Leung, commented the unaudited results, saying that 2009 was “a tough year” for the company, as the global financial crisis affected most of its customers, including multinational companies, and Chinese small and medium enterprises, in their investment decisions. He also said that during the reported period, the company has been spending more resources to develop more new environmental protection instruments and equipment, working on a number of engineering projects to be launched in early and mid 2010, and taking part in more related exhibitions to promote their products in China and in the other markets.

Posted in BVI company interim financial results, Unaudited financial results | No Comments »

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